VANCOUVER, British Columbia, June 28, 2018 (GLOBE NEWSWIRE) -- MGX Minerals Inc. (“MGX” or the “Company”) (CSE:XMG) (OTCQB:MGXMF) (FSE:1MG) is pleased to announce that its wholly owned subsidiary ZincNyx Energy Solutions, Inc. (“ZincNyx”) has completed the design for manufacturing of its core regenerator and fuel cell modules.
Since both modules are constructed from a number of identical cells, they constitute ideal candidates for manufacture by volume production methods such as injection molding, die casting and extrusion. These methods require stringent design rules to be followed to ensure efficient and reliable parts production. ZincNyx has now completed this process for the highest volume parts with the active participation of its chosen suppliers. ZincNyx expects to start receiving parts based on these designs within the next 4 to 6 weeks.
“This advance demonstrates that the ZincNyx system can be manufactured using conventional production processes,” said ZincNyx President and CEO Suresh Singh. “The design can be transferred to almost any location world-wide without the need to build expensive custom factories.”
The regenerator and fuel cell parts form the nucleus of ZincNyx’s next generation system which will provide four times the capacity of earlier models. The expanded range of this system addresses the need for long duration energy storage when coupled with renewable energy sources such as wind and solar. The system may be housed in a shipping container for deployment at remote locations or may be installed in free standing racks in a warehouse-type environment.
About ZincNyx Energy Solutions
ZincNyx has developed a patented regenerative zinc-air flow battery that efficiently stores energy in the form of zinc particles and contains none of the traditional high cost battery commodities such as lithium, vanadium, or cobalt. The technology allows for low cost mass storage of energy and can be deployed into a wide range of applications.
Unlike conventional batteries, which have a fixed energy/power ratio, ZincNyx’s technology uses a fuel tank system that offers flexible energy/power ratios and scalability. The storage capacity is directly tied to the size of the fuel tank and the quantity of recharged zinc fuel, making scalability a major advantage of the flow battery system. In addition, a further major advantage of the zinc-air flow battery is the ability to charge and discharge simultaneously and at different maximum charge or discharge rates since each of the charge and discharge circuits is separate and independent. Other types of standard and flow batteries are limited to a maximum charge and discharge by the total number of cells as there is no separation of the charge, discharge and storage components.
The ZincNyx mission is to provide the lowest cost, longest duration and most reliable energy storage system for markets involving renewables firming, peak shaving, diesel generator replacement, telecom facility back-up, electrification of ferries and tug boats and electric vehicle charging support.
With a portfolio of 20 granted patents and an experienced management team, ZincNyx is now ready to start commercialization of the product.
To learn more about ZincNyx technology visit www.zincnyx.com.
About MGX Minerals
MGX Minerals is a diversified Canadian resource company with interests in advanced material and energy assets throughout North America. Learn more at www.mgxminerals.com. MGX intends to publicly list ZincNyx and pay a partial share dividend to MGX shareholders of record as of June 29, 2018.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Company´s public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company´s profile on SEDAR at www.sedar.com.